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Due to the availability of all the required information, NPV analysis was used as the discounted cash flow method. Moreover, the FCFE cash flow method was used as the company will obtain no debt to finance the new contract as doing so would result in a breach of covenants (Black 2008, 221). For the discount rate, the capital asset model was used to come to an equity discount rate which was 20%. The use of an equity discount rate was appropriate since the project is being financed with equity. Nevertheless this does seem to raise a point given that the company will be cash strapped in the future and so raising 12 million seems difficult from internal sources (John 2007). Nevertheless, this point was ignored for the analysis due to absence of any concrete numbers.
It seems that the company is better off investing in the project. As a summary measure, the NPV of the project is positive and stands at ~19mn pounds. This despite the fact that the company will be facing increased distribution costs due to the far away location of the market, that is, East Asia. Distribution and administration costs were previously 25% of the company’s sales since it catered to European markets, which are nearer to Britain. However, the more distant East Asian markets now demand that the company’s distribution costs as a percentage of sales increase to 33% of sales (Collins 2003, 55).
The company is invariably following a contraction strategy. It feels that the demand of its products is going to fall in the foreseeable future due to the forecasted European recession driven by the austerity measures of the various European governments (Reilly 2007, 76). Moreover, it has also been having trouble renewing its contracts for the same reasons. So looking forward, it has decided to rid itself of the excess capacity it had built as part of its organic growth. Nevertheless, the new contract that it has been presented with recently seems to merit otherwise. The new contract as already mentioned is profitable as it enjoys a positive NPV (Smith 2005, 81). Hence there is every reason that the company should follow it. It is true that this will make the company deviate from its stated strategy but the financials always speak the truth. Moreover, the financial forecasts created for the analysis are not really forecasts but are actually contracted numbers at least in the case of revenue figures (Fall 2006).
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由于所需的所有可用信息，净现值分析作为贴现现金流量法。此外，逐步现金流量法作为本公司将获得无债务融资的新合同，因为这样做会导致违反契约（黑2008，221）。在折现率，资本资产模型应用到股票的折现率为20%。一个公平的使用是适当的折现率自项目是由股权。然而这也提高了，公司会陷入现金在未来提高12000000似乎很难从内部人士透露一点（约翰2007）。然而，这一点是因为任何具体数字的缺失分析忽略。
看来，公司是更好的投资项目。作为一个总结的措施，该项目的净现值为正站在~ 16Mn磅。尽管事实上，该公司将面临由于市场，那是遥远的位置分布增加成本，东亚。分配和管理费用以前25%的公司的销售，因为它迎合了欧洲市场，这是更接近英国。然而，更遥远的东方的亚洲市场的需求，我们的销售额的百分比增加至33%销售公司的配送成本（科林斯，2003，55）。
公司总是在收缩战略。它认为，其产品的需求将下降，在可预见的未来，因为预测欧洲经济衰退的欧洲各国政府紧缩措施的驱动（蕾莉2007，76）。此外，它也有麻烦，因为同样的原因，它的合同更新。那么期待，它决定摆脱过剩产能已建成的有机增长的一部分。然而，新的合同，它已经提出，最近似乎优点，否则。新的合同已经提到的是有正的NPV有利可图（史密斯，2005，81）。因此，有理由认为公司应该遵循它。这是真的，这将使公司偏离其既定策略但金融类股一直说的是真话。此外，在分析了财务预测是不是真的预测，但实际上是合同数量至少在收入数据的情况下（下降2006）。
